10 Common Mistakes Beginner Cryptocurrency Traders Do - page 3.

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Quote from: Ailmand on October 24, 2019, 06:29:55 PM

I think those lists don't apply only to beginners but also those who have been trading for a while. It is unavoidable to be emotional when trading, but people must learn that proper research or analysis before trading even if you incurred losses would give you a better chance for a successful trade. Never put your emotion when trading, this makes you create sudden decisions.

Begginers in trading should never jump into investing a bigger amount because they are more prone into committing losses since they are not fully knowledgeable about trading. They should see to it that trading is such a risky thing so they should analyze first the decisions they will take so they won't regret in the end. Emotional trading should always be avoided as this will only cause one's trader more losses in the end.

Yes i think the beginner should choose an exchange that have a demo account, so they're can see their result at the end.
And should repeat using demo account until they have stable profits.
Maybe the feeling would be different when we use real money, but at least we have to know the basic and also wee need experience to trade in crypto because it's differen from trading stocks that can be analyzed by only read the charts

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Quote from: Prateek_sharma on October 23, 2019, 04:20:26 AM

Well!! Did you know?

Trading crypto is one of the risky thing as a lot of people starts trading without the knowledge of cryptocurrency market.
As a crypto beginner trading crypto safely is one of the best idea ever.

What's your take on this?

Trading crypto isn't bad if the trader are knowledgeable about trading. It is all fun and game until you start to lose your gains which in fact cannot avoid, but what's take in that is you'll learn from those mistakes and would obliged you to even further expand your ideas in every side of trading tips, strategies, planning, emotional stuff, analysis and whatsoever. In addition is that new comers and specially those who are just betting they'll make fortune out of trading are skipping those ways 'cause they always find out trading is just about buying low and sell high.

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Quote from: Prateek_sharma on October 23, 2019, 04:20:26 AM

Well!! Did you know?

Trading crypto is one of the risky thing as a lot of people starts trading without the knowledge of cryptocurrency market.
As a crypto beginner trading crypto safely is one of the best idea ever.

What's your take on this?

So they must be aware of these common mistakes. To be successful traders, this is often the case with newcomers entering crypto trading without knowing anything and based only on what they see and read on various news and social media.

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Quote from: lienfaye on October 24, 2019, 08:38:05 PM

Quote from: Prateek_sharma on October 23, 2019, 04:20:26 AM

Well!! Did you know?

Trading crypto is one of the risky thing as a lot of people starts trading without the knowledge of cryptocurrency market.
As a crypto beginner trading crypto safely is one of the best idea ever.

What's your take on this?

Its normal to commit mistakes if you're a beginner and thats how you're going to learn from that experience.

But its important to gain knowledge first before starting your journey as a trader, in that way you're aware of what to keep in mind when you trade.

So take time learning first and dont rush things.

Yes, and as a trader, every action should be considered as a risk. A beginner is lack of experience and he should take care of every decision he made. Starting with a little capital can be a good start to gain experience, setting aside how much percentage of profit he can get just to start getting experience.

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It is not common anymore if they keep doing the same mistake on trading and investing. Some newbies here clearly dont understand or afraid to understand how the real deal trading works and ignore such advises from many expert here from forum. I guess the problem lies in the attitude not in the mistake of newbies.

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Quote from: Prateek_sharma on October 23, 2019, 04:20:26 AM

Well!! Did you know?

Trading crypto is one of the risky thing as a lot of people starts trading without the knowledge of cryptocurrency market.
As a crypto beginner trading crypto safely is one of the best idea ever.

What's your take on this?

Its normal to commit mistakes if you're a beginner and thats how you're going to learn from that experience.

But its important to gain knowledge first before starting your journey as a trader, in that way you're aware of what to keep in mind when you trade.

So take time learning first and dont rush things.

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Quote from: Prateek_sharma on October 23, 2019, 04:20:26 AM

Well!! Did you know?

Trading crypto is one of the risky thing as a lot of people starts trading without the knowledge of cryptocurrency market.
As a crypto beginner trading crypto safely is one of the best idea ever.

What's your take on this?

A good read for someone starting in trading. However, it's not enough to only know their mistakes, it's essential that they learn from these and utilize these learnings to lessen wromg decisions in trading. The best way to learn is to fail. But having the same failure over and over won't lead you to success. Takeaways can be summarized to: Do research, know what's in the news, and assess which factors would affect the price, and also learn to allot funds on personal neccessities. Don't go all in.

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my friend is newcomer on crypto, and then he join on btt and start earn own crypto. someday he told me that he convert his salary to eth, than he bought other token (actually thats new token) and try trading. he just sell at high price and buy at low price. but he got stuck because sometime new token doesnt give big move. than he give up and just sell at that price it is.
its not only about skill, but also knowledge, know the risk, money management, when you have nothing you will get nothing

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Quote from: dark08 on October 24, 2019, 06:03:05 PM

Being a trader is a good one but its not easy as every one think most beginner mistake for doing crypto trading is lack of risk management, no proper know what is crypto and trading platform.
I read the 10 common mistake on the link that OP prpvide and Yes that its right to be honest even I'm trading for 3years I also make some mistake but because I have a risk management I can recover my loss for my next trading.

It's very important to have a good balance with money management, having a great outlook from how you can go further and how you can manage loses if incase things did not workout with your position. If you fall to a bad execution never to panic as a common mistake from inexperienced traders getting desperate after losing and aggressively decide without thinking twice resulting to much further damage from your funds.

Aabcde

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I think the beginner traders' mistake is to use so much capital. Then he seeks direction or advice from other people who are not necessarily also true what he said. Because in the world of crypto, anyone can speak whether true or not. And most of the beginners enter the world of crypto to seek big and fast profits. It was based on his friend's income while playing trading. Though all is not as easy as what the advisor says.

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I have a couple of own rules I like to apply when it comes to trading. I'm a pretty nervous fella and often check my phone and I always get anxious when you see your money go up or down every minute and it's a bad habit to have.

1. Delete all investment app/price trackers from your phone or set a limit on them. Don't check the prices of your assets too much, check it every 2 hours or so, or set up sell walls in case it drops too low so you don't lose money.
2. Do not have more then 50% of your portfolio in cryptocurrencies.
3. Don't have more then 20% of an asset when you invest (eg if your crypto portfolio is 10,000, don't have more then 2,000 in an investment).

Ailmand

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I think those lists don't apply only to beginners but also those who have been trading for a while. It is unavoidable to be emotional when trading, but people must learn that proper research or analysis before trading even if you incurred losses would give you a better chance for a successful trade. Never put your emotion when trading, this makes you create sudden decisions.

dark08

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Being a trader is a good one but its not easy as every one think most beginner mistake for doing crypto trading is lack of risk management, no proper know what is crypto and trading platform.
I read the 10 common mistake on the link that OP prpvide and Yes that its right to be honest even I'm trading for 3years I also make some mistake but because I have a risk management I can recover my loss for my next trading.

QueenVera

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I think the most common mistake has to be traders picking a coin to trade without proper research, them picking a coin just because it's suggested by some influencer they think he/she has a say about what happens in the trading business. Another mistake has to do with lack of planning on money management.

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Quote from: QueenVera on October 24, 2019, 02:50:01 PM

I think the most common mistake has to be traders picking a coin to trade without proper research, them picking a coin just because it's suggested by some influencer they think he/she has a say about what happens in the trading business. Another mistake has to do with lack of planning on money management.

A common mistake, yes. Many beginners tend to trade those coins that are pumping recently and I've seen others relying on youtube channels that are giving their analysis but never take those words from them that those aren't really financial advice. They are giving their opinion about a certain coin and that makes them think that because it was mentioned by a youtuber that they watch, they'll buy and trade it without hesitation.

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The article on coinpedia is quite insightful. The main takeaways:

Chasing Pumps

One of the major problems with noobs these days is that they are money-crazed. It's so bad that they jump on almost anything that goes green on coinmarketcap.com

Trading Blindly + CT}

When one starts their trading careers and these aren't going as expected, no profit, no reward. They start to feel bad. In that instance, They start to place more priority for other people's trading signals etc and when these signals are sent, they just go straight off to open a trade verifying the price action for possible movement. Crypto Twitter is the avenue for all traders, new and old traders to to interact. The problem here lies in the fact that people post about their opinions(chart analysis) and people take it too seriously.

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In my opinion, the most important mistake of a beginner trader is that he is engaged in trading in the place of training.Because most of the situations listed in the article can be reversed to your advantage.
For example, in the case of the Dump and Pump scheme, an experienced trader will be able to make money on this, because he knows when to enter and when to exit, he can read quotes, he understands what indicators mean, he understands where is the resistance zone, where are the accumulation zones and etc. It's all about the knowledge that is then put into practice, turning, over time, into a trading strategy.
These are different for a novice trader, with his typical mistakes from an experienced trader. Indeed, if a beginner will do everything correctly, he will earn money as experienced traders do, but since at some moments he does not understand what to do, he makes mistakes and loses money.

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Quote from: Prateek_sharma on October 23, 2019, 04:20:26 AM

Well!! Did you know?

Trading crypto is one of the risky thing as a lot of people starts trading without the knowledge of cryptocurrency market.
As a crypto beginner trading crypto safely is one of the best idea ever.

What's your take on this?

Crypto trading is not all the safest way to invest their fund. If you are a beginner also I will not suggest to go with the any trading platform without the proper training and until you settle with your experience.
You need to set the low amount in everyday trade practices.
Once you learned all the tactics then you can start trading.

Byakuga

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Its better to rely on your research and learn more about market movement, that is the only way you can move forward in crypto space, no matter how good a crypto project can be always engage in intensive questions

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We call it negligence, if new investors fail to understand the nature of their investment failure is inevitable. During the market bullrun a lot of investors lose money due to sudden dump after the price skyrocket mostly new entrants in crypto are primary victims buying the hype and neglecting the negative outcome of fomoing.

Topic: 10 Common Mistakes Beginner Cryptocurrency Traders Do - page 3. (Read 422 times)